R255million in Mine Workers Cash Lost in Pension Scam.

In a case reminiscent of the heartbreaking Fidentia scandal, a pension fund administrator has R255 million worth of mine workers money. There are now fears that the amount lost by Bophelo Beneficiary Fund ( BBF) could be as much as R560 million – a devastating blow to the families of deceased mine workers who rely on the money to survive. In 2007, Fidentia scandal the company’s boss J Arthur Brown, squandered about R1.3 billion in investments leaving more than 47,000 beneficiaries mainly mine workers and their families in financial hardship. In this case, pension money belonging to workers at Anglo Platinum was invested in BBF, which is administered by Bophelo Benefit Services, a subsidiary of Mvunonala Holdings. Although it is unclear what happened to the money, investigation has shown that, in trying to hide the lost R255million, the BBF which holds the fund on behalf of Amplats Group Provident Fund (AGOF) and its 7, 229 beneficiaries appears to have ‘doctored ‘ their financial statements for the year ended 2016.

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